Rhode Island receives $6.8 million from Feds for Revolving Loan Fund

Rhode Island has been allocated $6.8 million from the federal government to capitalize and administer Revolving Loan Funds for businesses impacted by the COVID-19 pandemic, the U.S. Department of Commerce announced Wednesday. The R.I. Commerce Corp. will receive $6 million of the funds and the Providence Business Loan Fund will receive $836,000 of the grants. [...]

2020-08-31T15:51:49+00:00August 31st, 2020|

SBA Announces New Reduced 504 Loan Debenture Rates

The SBA announced the updated interest rates for the 504 Loan Program offered by Certified Development Companies (CDC). Small businesses can now apply for the lowest interest rates since July 2018 as the program is now allowing 20 and 25-year interest rates at 2.214% and 2.269%, respectively. “These interest rates and maturities are going to [...]

2020-08-31T15:47:45+00:00August 31st, 2020|

Rhode Island Recovery

We are pleased to share the positive news that Rhode Island is among the best states in America for getting our economy back to where it was before the COVID pandemic. R.I. is ranked the 6th best "Back to Normal" state in the country, according to CNN/Moody's. That places RI significantly ahead of our neighboring [...]

2020-08-31T15:45:47+00:00August 31st, 2020|

JP Morgan Global Manufacturing PMI

The J.P. Morgan Global Manufacturing PMI expanded in July for the first time since January, buoyed by recoveries in demand and production. Output grew at the fastest pace since December 2018 as the sector continues to bounce back from COVID-19 and the severe worldwide recession. Manufacturers expressed cautious optimism about future production. Manufacturers continue to [...]

2020-08-31T15:44:16+00:00August 31st, 2020|

Manufacturing Improves in July

United States manufacturing improved again in July with a key gauge of activity rising further into expansion territory. The Institute for Supply Management, an association of purchasing managers, said Monday that its manufacturing index rose to 54.2 last month, up from a June reading of 52.6. Any reading above 50 signals that U.S. manufacturing is [...]

2020-08-31T15:37:58+00:00August 31st, 2020|

Job Openings Rose in June

The U.S. experienced a surprisingly robust uptick in job openings and hiring in June, according to Bloomberg, even as COVID-19 has since caused some state reopenings to stall or reverse. The Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed the number of available positions rising to 5.89 million in June, up from [...]

2020-08-31T15:33:30+00:00August 31st, 2020|

RIMA expresses manufacturers concerns to our Federal Delegation

Liability Protections: Manufacturers are asking for commonsense protections against COVID-19-related lawsuits for businesses that have done their best to comply with varying safety requirementsTax Relief: Manufacturers urge Congress to immediately access tax relief by making general business tax credits refundable, enhancing the employee retention tax credit and ensuring that payments made with PPP funds are deductiblePaycheck Protection [...]

2020-08-06T21:23:30+00:00August 6th, 2020|

Institute for Supply Management

United States manufacturing improved again in July with a key gauge of activity rising further into expansion territory. The Institute for Supply Management, an association of purchasing managers, said Monday that its manufacturing index rose to 54.2 last month, up from a June reading of 52.6. Any reading above 50 signals that U.S. manufacturing is [...]

2020-08-06T21:23:30+00:00August 6th, 2020|
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